Plastec Technologies Reports Fiscal 2023 First Half Results, Provides Update on Its Securities Repurchase Plan

HONG KONG–(BUSINESS WIRE)–Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today reported unaudited financial results for the six months ended June 30, 2023. See financial tables at the end of this release in Hong Kong dollars (HKD). All other amounts in this press release are presented in U.S. dollars (USD) with a conversion rate of US$1.0: HK$7.8.

Current Balance Sheet Highlights

• $11.1 million in working capital at June 30, 2023, no change from December 31, 2022.
• Book value per share was $0.86 at June 30, 2023, compared to $0.86 at December 31, 2022.

Update on Securities Repurchase Plan

In August 2022, the Company’s Board of Directors approved an additional extension of its securities repurchase plan through September 25, 2023, allowing the Company to purchase up to $5 million of its securities in both open market and privately negotiated transactions at the discretion of the Company’s management and as market conditions allow. No shares have been purchased by the Company as part of this plan thus far.

Management Comments

Mr. Kin Sun Sze-To, Chairman of the Company, stated, “The Company continues to be in a strong financial position as we maintain a lean operating and expense structure. We believe we remain well positioned to pursue compelling business opportunities that may present themselves.”

Forward Looking Statements

This press release contains “forward-looking statements.” These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements.

 

 

 

 

Contacts

Plastec Technologies, Ltd.

HL Ning, Chief Financial Officer

ning@plastec.com.hk

INVESTOR RELATIONS:
The Equity Group Inc.

Alice Zhang, Associate

(212) 836-9610

azhang@equityny.com